Bitcoin Smashes Three Year High of $18K, Higher Adoption in Focus
Bitcoin price soared to the highest level in the last three years as several past events have raised investors’ confidence in the largest digital coin.
Institutional investments by MicroStrategy and Square along with product integration by PayPal boosted investors’ confidence.
Bitcoin price soared more than 50% in the last month alone on PayPal integration.
PayPal has lifted the minimum purchase restriction from $10000 to $15000 after seeing massive responses from users. PayPal has permitted users to use Bitcoin when purchasing items from its 26 million merchants.
Nexo co-founder Antoni Trenchev said,
“A few recent events have undoubtedly had an impact: institutional investment by the likes of MicroStrategy and Square, PayPal actively shilling crypto, and the Bitcoin halving in May, among others.”
Bulls are optimistic about more Bitcoin gains
Bulls believe Bitcoin is turning out to be a mainstream currency for digital users as the world has been admiring the use of Bitcoin even in the worst economic conditions.
The Bitcoin price rose sharply since the pandemic has slashed investors’ confidence in stock markets and the US dollar. Jack Dorsey, the founder of Square, bought 4,709 Bitcoin in early October. They also hinted at the development of their own digital currency. Facebook has also expressed similar opinions recently.
Bitcoin could hit a new all-time high
The market analysts claim that the Bitcoin price is likely to reach a new all-time high soon as investors are interested in more buying than selling.
Lucas Huang, who’s head of growth for decentralized exchange Tokenlon, said,
“Is the top already in? We can’t tell, but our users are certainly interested in Bitcoin’s rallying price…We may not wait long to see [a] Bitcoin all-time-high again.”
Bitcoin traded above the $20K level at the end of fiscal 2017. The largest coin experienced massive price swings in the past three years, but interest from institutional investors has provided significant support to its adoption.